One thing I started to worry about in the fall was getting a loan.
I tried Citibank first. They are "not doing construction loans right now," but were willing to talk about an equity loan from our condo. Hmmph.
I went back to Harris Bank, who gave us two previous mortgages. One thing I liked about them was they service their own loans. Also, there is no penalty for paying down faster. Yes, they are doing construction loans, and once I got hold of someone (which took a few calls) they have been quite responsive. I only had to nudge once or twice to remind them to send me forms (which is maybe understandable over the holiday breaks). They even contacted me a couple of times. So far so good.
The good thing about this climate is that interest rates are very low. We may not be able to lock in the interest rate until construction is completed, however. By then there's a fairly good chance rates will be higher. At the moment, I'll be happy to get a loan at all, though. There are plenty of people suffering badly from the tightening of credit.
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